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EXHIBIT 10.14
REVOLVING CREDIT NOTE
$8,000,000 Boston, Massachusetts
February 23, 1996
FOR VALUE RECEIVED, MKS INSTRUMENTS, INC., a Massachusetts corporation
having its principal place of business located in Andover, Massachusetts (the
"Borrower"), hereby promises to pay to the order of CHEMICAL BANK (the
"Lender"), in its individual capacity, at the office of THE FIRST NATIONAL BANK
OF BOSTON, as agent for the Lender (the "Agent"), located at 000 Xxxxxxx Xxxxxx,
Xxxxxx, Xxxxxxxxxxxxx (or at such other place or places as the Agent may
designate in writing) at the times set forth in the Loan Agreement dated as of
February 23, 1996 among the Borrower, the financial institutions party thereto
(collectively, the "Lenders") and the Agent (the "Agreement" -- all capitalized
terms not otherwise defined herein shall have the respective meanings set forth
in the Agreement), in lawful money of the United States of America, in
immediately available funds, the principal amount of EIGHT MILLION DOLLARS
($8,000,000) or, if less than such principal amount, the aggregate unpaid
principal amount of all Advances made by the Lender to the Borrower pursuant to
the Agreement, on the Revolver Termination Date or such earlier date as may be
required pursuant to the terms of the Agreement, and to pay interest from the
date hereof on the unpaid principal amount hereof, in like money, at said
office, on the dates and at the rates provided in the Agreement. All or any
portion of the principal amount of Advances may be prepaid as provided in the
Agreement.
If payment of all sums due hereunder is accelerated under the terms of
the Agreement or under the terms of the other Loan Documents executed in
connection with the Agreement, the then remaining principal amount and accrued
but unpaid interest shall bear interest, which shall be payable on demand, at
the rate per annum set forth in Section 2.4.2 of the Agreement. Further, in the
event of such acceleration, this Revolving Credit Note shall become immediately
due and payable, without presentation, demand, protest or notice of any kind,
all of which are hereby waived by the Borrower.
In the event this Revolving Credit Note is not paid when due at any
stated or accelerated maturity, the Borrower agrees to pay, in addition to the
principal and interest, all costs of collection, including reasonable attorneys'
fees, and interest thereon at the rates set forth above.
Interest hereunder shall be computed as provided in the Agreement.
This Revolving Credit Note is one of the Revolving Credit Notes in the
aggregate principal amount of $20,000,000 referred to in the Agreement and is
issued
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pursuant to and entitled to the benefits of the Agreement to which reference is
hereby made for a more complete statement of the terms and conditions upon which
the Advances evidenced hereby were or are made and are to be repaid. This
Revolving Credit Note is subject to certain restrictions on transfer or
assignment as provided in the Agreement.
No delay or omission on the part of the Lender in exercising any right
hereunder shall operate as a waiver of such right or of any other right of the
Lender, nor shall any delay, omission or waiver on any one occasion be deemed a
bar to or waiver of the same or any other right on any future occasion. Every
maker, endorser and guarantor of this Revolving Credit Note or the obligations
represented hereby waives presentment, demand, notice, protest and all other
demands and notices in connection with the delivery, acceptance, performance,
default or enforcement of this Revolving Credit Note, assents to any extension
or postponement of the time of payment or any other indulgence, to any
substitution, exchange or release of collateral and to the addition or release
of any other party or person primarily or secondarily liable.
IN WITNESS WHEREOF, the Borrower has caused this Revolving Credit Note
to be made, executed and delivered by its duly authorized representative under
seal as of the date and year first above written.
MKS INSTRUMENTS, INC.
WITNESS:
/s/ Xxxxxxx X. Xxxxx By: /s/ Xxxxxx X. X'Xxxxx
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-------------------------- Name: Xxxxxx X. X'Xxxxx
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Title: Treasurer
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